FASB Delays New Accounting Rules, Lowering Risk at Summer Camps

(From Journal of Accountancy) On May 20, the Financial Accounting Standards Board (FASB) voted to extend by one year the implementation period for new accounting rules on revenue recognition and leases for nonprofits that have not yet issued their financial statements. The proposed relief related to revenue recognition was initially limited to private franchisers but was expanded to nonprofits based on feedback to FASB. For private companies and private not-for-profits, the effective date will be for fiscal years beginning after Dec. 15, 2021 and interim periods within fiscal years beginning after Dec. 15, 2022. FASB said it plans to issue documents detailing the new timetables in early June.

More from the Journal of Accountancy

(From the New York Times and NPR) Across the country, summer camp cancellations multiply, but there is still some hope that some camps may be able to reduce the risk of infection so that the benefits of summer programs will outweigh the risks. The CDC has provided new guidance for leaders to determine if camps should open and how they should operate during the coronavirus pandemic. Meanwhile, the YMCA has worked with a private consulting firm to release far more extensive guidance about opening and operating summer camps during the pandemic. 

More from the New York Times and NPR